Despite the fact that for most people, cryptocurrency is still hype and an unknown thing with huge future perspectives, most experts today scratch the back of their heads and accept that it is unclear at which stage of development the cryptocurrencies now are. The market seems to continue its development, but in reality, the niche is packed with weak startups, fraudulent projects, and informational noise.
In fact, it is due to that informational buzz about how crypto coins are promising and cool, many people want to buy some cryptocurrency, and then see what they can do with it. However, because in reality, the market is kinda stagnant, there is not much they can do. And this is where online casinos step in and offer to make real money bets on games with your coins, to win more coins.
This idea is very attractive, mostly because the mechanism is clear and comprehensive even for non-tech people. No need to engage into complicated processes of mining, or schemes of collaboration with startups. You buy crypto, play casino games, win crypto, and it is sent directly to your wallet. But in real-life stories, this path is less cheerful.
Of course, first of all, you will need to find a reliable Bitcoin casino, for example here. At CasinosHunter you will find out how to choose the casino for Bitcoin gambling, please, read the information below.
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When Your Crypto Turns Into a Pumpkin
Many casino experts and folks from the niche call cryptocurrency a perfect option for real money gambling. Digital currencies and online gambling platforms seem to have been created for each other, they say. Online casino gambling is often not regulated properly in many countries, and real money betting usually faces many limitations, like banks not allowed to process transactions to and from online casinos, etc. Cryptocurrencies, in their turn, are not real money in most countries, and therefore making “real money bets” with digital coins is not legally prohibited.
Online gambling with digital coins has a bunch of other benefits. Firstly, it is easier to get yourself an e-wallet and buy digital coins. Secondly, transactions are safer than those processed by online companies, due to the nature of crypto money technologies. Thirdly, the transactions are transparent and anonymous at the same time, again, due to the nature of the beats; and this is definitely a benefit when compared to services of most online payment processing companies.
All those advantages do make cryptocurrency look like a perfect match for online casino gambling. But it all depends on the Terms and Conditions applied by every particular casino site. More often than not, the users are unlikely to benefit from depositing their digital coins to the casino site, and they would have been aware of it if they would have read T&C, and paid attention to several crucial clauses.
Best crypto casinos offer casino bonuses that usually go like “deposit up to 1 BTC and get a 100% match bonus in BTC, plus 50 Free Spins on slots games”. This is an attractive offer that seems to be a good deal, but this is just the tip of the iceberg.
Firstly, casino bonuses can never be cashed out; you cannot cash out the actual bonus you are given, you can only wager it in casino games, and cash out only what you win by wagering the bonus. Secondly, all bonuses come with wagering requirements that indicate how many times you have to wager the sum of the bonus before the withdrawal feature will be unlocked for you. This is how it works: for example, you get 1 BTC as a bonus and your wagering requirements are x30. This means you will need to wager 30 BTC in casino games, before you are allowed by the platform to request a withdrawal of your winnings – if any, in fact.
Secondly, your bet size will be limited until you have an active bonus attached to your account. If you need to wager 30 BTC, you can’t make three ten bets worth 3 BTC each, to cover the wagering requirements; your max bet limit is likely to be around 0,005 BTC.
Only Games of Chance
To make winning even more tedious, only certain games are allowed to wager the bonus, and these are all the games of chance. This means that you will not be able to manage the bonus quickly and profitably in poker if you are an experienced poker player. No, you will have to spin the slots and go through the wagering requirements slowly and painfully.
Being obliged to play only games of chance, and make tiny bets as many times as it is necessary to meet the wagering requirements, most players end up needing to make another deposit, only in order to continue wagering the bonus to the end. If after all that gambling, you manage to win at least something, you are lucky indeed. But your bumpy road is not over yet.
After you manage to meet the wagering requirements and have anything on your cryptocurrency casino balance to cash out, you also need to meet the withdrawal requirements. These usually vary in different casinos, but the most widespread is to have your account verified, to not violate any of the bonus rules, to request a withdrawal for the minimum sum allowed for withdrawal, to have no active bonuses attached to the account, etc. However, this is not the biggest pitfall.
The biggest pitfall is when you suddenly find out that only deposits in crypto are allowed. Deposits and bets are allowed in cryptocurrencies, but withdrawals are not. While this seems insane, some casinos do offer this deal, allowing withdrawals only in fiat currencies. This means you are not only expected to exchange your crypto coins according to the exchange rate at this casino, but also look for another banking option, like an e-wallet, to actually get the money. And this is where all your digital coin deposits turn into a pumpkin.
Does this whole story mean that real money gambling with crypto coins at online casinos is one big no-no? Actually, it does not. There are indeed safe and reputable online casino platforms that allow deposits and withdrawals in crypto and have adequate Terms and Conditions that apply. But if you want to try online casino gambling with digital coins, please invest some time and effort to conduct minimum of research and reading. And also, online gambling is definitely not a sustainable strategy for augmenting your cryptocurrency funds.